The peso weakened 0.93 percent to 20.9315 per dollar, its lowest level since Nov. 14, following the announcement by Ford, which had come under harsh criticism from U.S. President-elect Donald Trump for its Mexican investment plans.

Ford said it will invest $700 million at a Michigan factory.

The Mexican currency hit a record low after Trump clinched U.S. presidential elections in November.

The real estate mogul has threatened to scrap a key free trade deal between the two countries and slap a tax on remittances to Mexico if the country refuses to pay for a wall along its northern border.

Mexico's IPC stock index <.MXX> pared gains of over 1 percent to trade nearly flat at 45,755 points following Ford's announcement.

(Reporting by Miguel Angel Gutierrez; Writing by Alexandra Alper; Editing by Alan Crosby)